Remember, this is a local real estate play and spreading your investments across a few areas to build multifamily will grant you better protection from market volatility.

Or sell those and place it into less volatile real estate that you have more control over. 

Broadly for me/us I'd just say that our perception of where the market/economy is headed just informs more of a general intuitive appetite for using leverage.My view is that uncertainty in future market outlook (perhaps forecasted by leading indicators) mainly drives price volatility, and perhaps increases risk of lenders 'calling' revolving credit lines to meet their own liquidity needs.The more 'bad' the indicators are, the more chance that we perceive our lenders possibly wanting to 'call' revolving lines of credit, is the way I think about it.  

Covid run up on prices made this area volatile in the short term.

To your final question: crypto is very volatile, yes.  

In a market with this much volatility cash is extremely relevant.

They have a little higher gains (a lot more volatility) but a syndicator who is willing to put you in a deal with more than 10-20% of your net worth is asking for trouble.

With the interest rates right being very high and volatile it is probably not the best time to get into multi-family.

Commercial space can be tricky and volatile - - just look at all those Space Available signs. 

But still. market is volatile so of course it forces me to review.